Mortgage Rates Climb To 7.31%, Highest in 23 Years: Shocking Chart Reveals Tremors in Housing Market
Portfolio Pulse from Piero Cingari
The U.S. housing market is experiencing a significant shock as mortgage rates surge to 7.31%, the highest level since December 2000. This increase is linked to the recent surge in long-term Treasury yields. The rise in mortgage rates has led to a decrease in mortgage applications and has negatively impacted the Real Estate Select Sector SPDR Fund (NYSE:XLRE), which is down 18% compared to a year ago. The upcoming Jackson Hole Symposium hosted by the Federal Reserve is expected to provide clarity on the economic outlook and the future path of interest rates.
August 23, 2023 | 1:17 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
The Real Estate Select Sector SPDR Fund (NYSE:XLRE) has been negatively impacted by the surge in mortgage rates, posting five negative weeks out of the past six and is down 18% compared to a year ago.
The surge in mortgage rates has led to a decrease in mortgage applications, indicating a slowdown in the housing market. This has negatively impacted the Real Estate Select Sector SPDR Fund (NYSE:XLRE), which is heavily influenced by the performance of the housing market. The fund has posted five negative weeks out of the past six and is down 18% compared to a year ago.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100